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Are too many advisors missing the mark when it comes to engaging with their clients?

New research from census data in New Zealand reveals seven out of 10 adult consumers in the country experienced a significant change in circumstances in the previous year. Examples included change in job, housing, family circumstances and illness.

Furthermore the overwhelming majority turned to their social networks – friends, family, work colleagues and community members – for assistance before turning to professionals.

At the same time the noise levels over the “underinsurance” issue, and the “lack of financial literacy”, and the lack of engagement in obtaining professional advice on the part of consumers has risen significantly from the financial services industry.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.